What distinguishes leased equipment from rented equipment?

Leased equipment is characterized by a long-term commitment, typically involving a contract that spans months or even years. This long-term nature of leases often includes predictable payment schedules and ensures that the lessee has the equipment available for an extended period, which is essential for ongoing operations that require consistency in tools and machinery.

In contrast, renting usually refers to shorter-term arrangements where the equipment is borrowed for a brief period, often on a daily or weekly basis. This is suitable for temporary needs or specific projects. Thus, leasing caters to situations where long-term use is necessary, such as in healthcare settings where equipment needs to be consistently available over time for various procedures.

The other choices do not accurately capture the essence of leasing versus renting; for example, cost factors vary based on different situations rather than defining the distinction between leased and rented equipment.